Business Plan- Do Now

What is a business plan?

• Written document that only outlines the business practices of the new business.

• Written document that describes the financial aspects of the business.

• Written document that only describes the ownership of the business.

• Written document that describes all the steps necessary for opening and operating a successful business.

Why do you need a business plan?

• To explain your idea

• the ability to get financing.

• it's a road map that sets objectives and goals for the business.

• To help reduce the risk of business failure.

• All of the above.

Complete the sentence: A business plan...

• is useful once your business is operational but not much help during the startup phase

• is not usually needed once the business is up and running

• can serve as a tool for helping a business during the startup phase and for managing your business once it is up and running.

A brief account of the key points contained in a business plan

• Executive Summary
• Company Description
• Mission Statement
• Vision Statement

A description that provides an outline of a business

• Executive Summary
• Company Description
• Contingency Plan
• Mission Statement

A description of the product or service to be offered

• Operational Plan
• Marketing Plan
• Product and Service Plan
• Industry Overview

Research of the potential business’s industry

• Market Analysis
• Industry Overview
• Contingency Plan
• Marketing Plan

Research of the potential customer’s profile

• Market Analysis
• Marketing Plan
• Mission Statement
• Growth Plan

Research of the potential business’s industry

• Market Analysis
• Industry Overview
• Contingency Plan
• Marketing Plan

A plan presenting financial forecasts for the business

• Loan Proposal
• Financial Plan
• Business Loan Plan
• Investor Plan